Oil and Pure Fuel Company (ONGC) and Reliance Industries signed a strategic memorandum of understanding on the primary day of India Power Week 2026 to allow sharing of marine assets to extend effectivity, optimize belongings and strengthen India’s offshore exploration and manufacturing ecosystem. Photograph: X/@IndiaEnergyWeek
State-owned Oil and Pure Fuel Company (ONGC) and personal refiner Reliance Industries have signed an settlement to share assets arising from deepwater exploration and manufacturing operations on India’s east coast, significantly within the Krishna Godavari (KG) basin and all through the Andaman offshore.
In response to a joint assertion from the 2 corporations, the settlement gives for the sharing of key assets wanted for offshore operations, which can additionally embody assets for onshore and offshore processing. These embody services, drilling rigs, vessels, energy, pipelines, logging and effectively providers, and extra.
The assertion added that the transaction will assist optimize prices and improve operational resilience together with speedy mobilization and execution.
Exploration Director, ONGC OP Sinha additional enumerated the rationale for the settlement and stated the framework of the settlement gives for sharing of assets the place both facet might have surplus.
A framework enabling cooperation agreements to share infrastructure and services each onshore and offshore was supplied by amendments to the Regulated Oilfields (Regulated Growth) Act final yr.
Mr. Sinha additional responded to a query about the opportunity of increasing the scope of the deal to different areas sooner or later, saying, “It isn’t restricted to the KG basin, it could possibly occur elsewhere as effectively.”
He defined, “Sharing infrastructure permits two, three or extra corporations to work collectively, share the identical assets, and use that infrastructure optimally and profitably. Issues are going to maneuver in that path.”
